Core Viewpoint - Morgan Stanley's research report indicates that Chinese telecom companies are expected to have a lackluster performance in Q3, with only a slight year-on-year increase in industry service revenue, reflecting a slowdown compared to Q2 due to potential US-China tariff impacts [1] Industry Summary - The overall performance of Chinese telecom companies in Q3 is projected to be mediocre, with service revenue growth slowing down compared to the previous quarter [1] - The outlook for Q4 appears uncertain, as traditional business segments continue to face deflationary pressures and weak macroeconomic conditions [1] - AI-related business has not yet significantly contributed to new growth momentum within the industry [1] Company Summary - China Mobile's target price remains at HKD 90, maintaining an "Overweight" rating [1] - China Telecom's target price has been lowered from HKD 6.5 to HKD 6, while still holding an "Overweight" rating [1] - China Unicom's target price is maintained at HKD 9.5, with an "Overweight" rating [1] - China Tower's target price remains at HKD 12, also with an "Overweight" rating [1]

周一(10月13日)：英伟达开放计算项目2025全球峰会、甲骨文AI世界大会揭幕。 周三(10月15日)：第138届广交会将分三期在广州举办；新修订的反不正当竞争法10月15日起施行，进 一步完善数字经济领域公平竞争规则。 周四(10月16日)： 台积电公布业绩；2025世界智能网联汽车大会将在北京举办。 港股要闻 国际宏观： 周一(10月13日)：世界银行和IMF举办2025年秋季年会；欧佩克公布月度原油市场报告。 周二(10月14日)：美联储主席鲍威尔、美联储理事鲍曼发表讲话；美国总统特朗普与阿根廷总统米莱会 晤；日本央行行长植田和男访问美国；摩根大通、花旗、高盛、贝莱德等华尔街大行将陆续披露业绩。 周三(10月15日)：美联储理事沃勒、波士顿联储主席柯林斯发表讲话。 周四(10月16日)：美联储公布经济状况褐皮书；美联储理事米兰、亚特兰大联储主席博斯蒂克发表讲 话。 周五(10月17日)：欧盟将公布9月CPI数据。 行业动态 周三(10月15日)： 轩竹生物-B(02575.HK)挂牌上市。 周四(10月16日)： 云迹 (02670.HK)挂牌上市；中国铁塔、福耀玻璃公布业绩。 周五(10月17日)： ...

Group 1 - The article discusses the performance and growth prospects of China Tower Corporation, highlighting its significant role in the telecommunications infrastructure sector [1] - It mentions that China Tower has been expanding its services and infrastructure to meet the increasing demand for mobile data and connectivity [1] - The company is positioned to benefit from the ongoing digital transformation and the rollout of 5G technology in China [1] Group 2 - Financial metrics indicate a steady growth trajectory for China Tower, with revenue and profit margins showing positive trends [1] - The article emphasizes the importance of strategic partnerships and collaborations in enhancing the company's market position [1] - It also notes the competitive landscape, where China Tower faces challenges from other telecommunications infrastructure providers [1]

Industry Dynamics - Nvidia is hosting the 2025 Global Summit on Open Computing, and Oracle is unveiling its AI World Conference [7] - The 138th Canton Fair will be held in three phases in Guangzhou [7] - A revised Anti-Unfair Competition Law will take effect on October 15, enhancing fair competition rules in the digital economy [7] - TSMC is set to announce its earnings [8] - The 2025 World Intelligent Connected Vehicles Conference will take place in Beijing [8] Company News - Xuan Bamboo Biotechnology-B (02575.HK) is set to be listed on October 15 [9] - Yunji (02670.HK) will be listed on October 16, along with earnings announcements from China Tower and Fuyao Glass [10] - Zijin Mining will release its earnings on October 17, and Haixi New Drug (02637.HK) will be listed [11]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

Core Insights - The 2025 China International Information and Communication Exhibition showcased the theme "Digital-Real Fusion New Engine to Empower Future New Momentum," emphasizing the importance of building a robust digital infrastructure and promoting technological innovation for a smarter and more sustainable digital future [1] Group 1: Industry Development - During the "14th Five-Year Plan" period, China's information and communication industry has made significant progress, with 5G base stations reaching 4.646 million and 5G mobile phone users totaling 1.154 billion, maintaining a global lead in key indicators such as 5G user penetration and gigabit optical network coverage [2] - The country has established a globally leading and largest-scale information and communication network, with two-thirds of prefecture-level cities meeting gigabit city standards and over 240,000 key locations achieving deep mobile network coverage [2] - New types of information infrastructure are developing in coordination, with 10.85 million standard racks of computing power facilities and an intelligent computing power scale of 788 EFLOPS [2] Group 2: Empowering the Real Economy - The integration of information and communication technology is deeply empowering the transformation of the real economy, with over 20,000 "5G + Industrial Internet" construction projects and the emergence of new models such as "unmanned mines" and "smart ports" [3] - The National Computing Power Internet Service Platform has registered over 1.02 million computing power identifiers and aggregated public computing resources exceeding 117 EFLOPS, marking a new phase in the construction of the computing power internet [3] Group 3: Artificial Intelligence Advancements - China's artificial intelligence innovation is rapidly advancing, with over 1,500 large models released, and AI applications are being quickly adopted across various industries, including electronics and consumer goods [4][5] - AI terminals such as AI phones and AI computers have exceeded 100 models, and the deployment of integrated infrastructure for IoT, vehicle networking, and industrial internet is accelerating [4] Group 4: 5G-A Development - 5G-A is a critical phase in the evolution of 5G towards 6G, showcasing new features such as ultra-low latency and high-speed capabilities, with over 300 cities in China initiating large-scale deployments [6][7] - 5G-A enhances network performance compared to 5G, supporting the growth of digital applications and innovation, with practical applications already seen in smart industrial management and information consumption [7] Group 5: Future Outlook - The industry is set to accelerate technological innovation and expand the 5G-A product system, while also advancing 6G technology research and development to foster a future-oriented application ecosystem [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵塔股份有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00788 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,666,385,600 | RMB | | 1 RMB | | 4,666,385,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,666,385,600 | RMB | | 1 RMB | | 4,666,385,600 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The stock of Shuangdeng Co., Ltd. (06960) has risen over 9%, indicating strong market interest and potential growth in the energy storage sector driven by increasing demand for backup power solutions in data centers [1] Company Overview - Shuangdeng Co., Ltd. is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research and development, manufacturing, and sales of energy storage batteries and systems [1] - The company is projected to rank first in global shipments of energy storage batteries for communication and data centers in 2024, with a market share of 11% according to data from Frost & Sullivan [1] Market Dynamics - AIDC's energy consumption is expected to increase tenfold, which implies a corresponding tenfold increase in backup power demand, presenting significant growth opportunities for the company [1] - The promotion of green electricity and energy storage models in data centers is anticipated to expand the scale of energy storage systems beyond traditional backup scenarios, further enhancing the company's growth prospects [1] Clientele and Market Expansion - Shuangdeng Co., Ltd. serves a diverse range of clients, including major telecommunications companies such as China Mobile, China Unicom, and China Tower, as well as international firms like Ericsson, Vodafone, and Norwegian Telecom [1] - The company is not only focusing on the domestic market but is also expanding its services to overseas clients through its production base in Malaysia and is gradually entering high-end markets in North America [1]

Core Viewpoint - China Tower Corporation Limited (00788.HK) announced that its board of directors will hold a meeting on October 16, 2025, to approve the financial results for the nine months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 16, 2025 [1] - The purpose of the meeting includes the approval of financial performance for the nine months ending September 30, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中國鐵塔股份有限公司（「本公司」）董事會（「董事會」）宣佈將於2025年10月16日 （星期四）舉行本公司董事會會議，旨在（其中包括）批准本公司及其附屬公司截至 2025年9月30日止九個月的財務業績。 承董事會命 中國鐵塔股份有限公司 公司秘書 梁雪穎 中國北京，2025年10月2日 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 董事會會議召開日期 獨立非執行董事 ： 裴振江、胡章宏、張薇及文步高 於本公告日期，本公司之董事會由以下人士組成： | 執行董事 | ： | 張志勇（董事長）及陳力（總經理） | | --- | --- | --- | | 非執行董事 | ： | 程建軍、苗守野、劉桂清及房小兵 | ...